Peter Hwang has served as a Director and consultant of Newstrike since May 2017 and joins the Company as CCO to lead commercial operations including sales, new business development and strategic mergers and acquisitions across the organization. As CCO, Peter will be responsible for driving growth for the Company.

“As both a founding partner of Up Cannabis Inc. and Director, Peter has been instrumental in helping Newstrike achieve its major milestones,” said Jay Wilgar, Chief Executive Officer and Chairman of Newstrike. “He is a proven leader and has significant expertise in developing strategy and taking companies through rapid growth phases to full and profitable operations. I look forward to continuing to work with Peter as we continue to execute on our business plan and ready the Company for the legalization of adult-use cannabis.”

Prior to Newstrike, Peter was co-founder and CEO for Globalfaces Direct (“Globalfaces”), a leading multichannel marketing agency serving the not-for-profit sector with over 600 agents and 30 offices across North America. Peter led the growth of Globalfaces to be one of the fastest growing companies in Canada over a 5-year period prior to partnering with private equity firm, CPS Capital in June 2018. Other companies Peter has co-founded are: Easylease Corp, Canada’s leading asset-based financing and syndication company; EnWise Holdings, an energy conservation company focusing on energy retrofits and RMR rental programs and Extreme Pita, a North American food and retail franchise operation founded in 1997.

“I look forward to continuing to work with the Newstrike team as we enter this critical stage in our company’s growth,” said Peter Hwang. “We are poised to be one of the most recognizable brands in the sector and I believe our corporate strategy enables us to see rapid but very sustainable growth both short and long term.”

The Company is also pleased to announce that it intends to change its name to Newstrike Brands Ltd. after receiving shareholder approval at its Annual and Special Meeting of shareholders held on May 22, 2018. The name change reflects the current strategy of the business to develop cannabis brands, anchored by its flagship brand, Up Cannabis. The change of name is subject to the acceptance of the TSX Venture Exchange.

The Company also announces that it has granted incentive stock options to certain of its directors, officers, employees and consultants to purchase up to an aggregate of 5,913,232 Newstrike common shares (the “Options”). The Options are exercisable for a period of three to five years, at a price of $0.66 per option and were granted in accordance with the Company's stock option plan.

Newstrike is the parent company of Up Cannabis Inc., a licensed producer of cannabis that is licensed to both cultivate and sell cannabis in all acceptable forms. Up Cannabis is in turn the parent company of Up Cannabis Niagara Inc. Newstrike, through Up Cannabis and together with select strategic partners, including Canada's iconic musicians The Tragically Hip, is developing a diverse network of high quality cannabis brands. For more information visit www.up.ca or www.newstrike.ca.

FORWARD-LOOKING INFORMATION

This news release contains forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Newstrike to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "estimates", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. These forward-looking statements include, but are not limited to, statements relating to Newstrike's expectations with respect to the results, acceptance of the TSX Venture Exchange of the name change or its performance and achievements. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this press release. Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties.

Actual results could differ materially from those currently anticipated due to a number of factors and risks. Readers are cautioned that the foregoing list of factors is not exhaustive. The forward-looking statements contained in this news release are made as of the date of this release and, accordingly, are subject to change after such date.

Newstrike does not assume any obligation to update or revise any forward-looking statements, whether written or oral, that may be made from time to time by us or on our behalf, except as required by applicable law.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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